18
InnoVen Capital: India Angel Report July 2015
InnoVen Capital: India Angel ReportJuly 2015
2
Understanding the India Angel Report:
The InnoVen Capital: India Angel Report provides analysis and trends on Indian angel and angel group activity.
The report has been prepared by InnoVen Capital India Private Limited (“InnoVen Capital”) in collaboration with the
Association of Indian Angel Groups (“AIAG”) and is based on data provided by the participating angel groups to
InnoVen Capital.
Angels and angel groups invest alone, together, and with many other types of investors. Unless otherwise noted the
data includes all rounds that have at least one angel group participating and may include other types of investors in
those rounds.
This report presents investment trends for angel groups made between April 2011 to March 2015, representing a
total of 153 reported deals and Rs.2,042.7 Mn in total commitments including those from co-investors.
We have excluded data points where Pre-money valuations were not available or not determined for our
representation in the slide showing trend in Pre-Money valuation for Angel funded companies.
Unless otherwise noted, values of less than 1% are included, but not labelled or noted as a change in activity.
For this study, we have only included top ten sectors which have attracted investments.
3
• The Median angel round grows from Rs.5.2 Mn to Rs.13.8 Mn
• The Median pre-money value increases from Rs.66.8 Mn to Rs.90 Mn
• Angel groups follow through with repeat investments in more than a quarter
of the deals announced during the year
• Bengaluru takes over from Mumbai as the leading destination for angel
investments
• Number of investments highest in IT&ITES and Online Services
• Growing preference for revenue generating companies
Investment highlights: FY 2015 compared to FY 2014
Round Sizes & Valuation Metrics
5
Investments by Angel groups (all years)
Rs. 607.2Mn
Rs. 344.9MnRs. 388.1Mn
Rs. 702.5Mn
27
32
47 47
0
100
200
300
400
500
600
700
0
10
20
30
40
50
FY 2012 FY 2013 FY 2014 FY 2015
No. of Investments
6
Median Angel Round Size (FY 2015)
N = 47N = 47
*Mean Angel Round: Rs.16 Mn*Mean Angel Round: Rs.16 Mn
1st Quartile
Rs.4.8 Mn
Smallest
Investment
Rs.0.9Mn
Median
Rs.13.8 Mn
3rd Quartile
Rs.25 Mn
Largest
Investment
Rs.50 Mn
7
Smallest
Rs 5Mn
1st Quartile
Rs.11.5Mn
Median
Rs. 20Mn3rd Quartile
Rs. 26.5Mn
Largest
Rs. 60Mn
Median Angel Round Size (all years)
Smallest
Rs. 0.3Mn1st Quartile
Rs. 3.7Mn
Median
Rs. 8.3Mn 3rd Quartile
Rs.14.1Mn
Largest
Rs. 33.6Mn
FY 2012
Smallest
Rs. 0.91st Quartile
Rs. 2.5Mn
Median
Rs. 5.2Mn
3rd Quartile
Rs. 12.8Mn
Largest
Rs. 27Mn
Smallest
Rs. 0.9Mn1st Quartile
Rs. 4.8Mn
Median
Rs. 13.8Mn
3rd Quartile
Rs. 25Mn
Largest
Rs. 50Mn
FY 2013
FY 2014 FY 2015
8
N = 37*N = 37*
Mean Pre-Money Valuation: Rs.127.5 MnMean Pre-Money Valuation: Rs.127.5 Mn
Pre-Money Valuation (FY 2015)
1st Quartile
Rs.67 MnSmallest
Rs.25.9 Mn
Median
Rs.90 Mn
3rd Quartile
Rs.120 Mn
Largest
Rs.840 Mn
*Only considers investments where Pre Money Valuations have been determined
Note: The pre money valuation for the largest angel investment (Rs.840 Mn) was made as a follow-on in a Series B round of an existing portfolio company
*Only considers investments where Pre Money Valuations have been determined
Note: The pre money valuation for the largest angel investment (Rs.840 Mn) was made as a follow-on in a Series B round of an existing portfolio company
9
50
36.943.9
6761.4
50
66.8
9083.8
75
114.1120
FY 2012 FY 2013 FY 2014 FY 2015
Smallest 1st Quartile Median 3rd Quartile Largest
15
25.9
12
1.5
Pre-Money Valuation (all years)Figures in Rs. Mn
840
720
385
500
(N = 37)(N = 36)(N = 32)(N = 26)
Investment Distribution
11
93%
94%
84%
74%
7%
6%
16%
26%
FY 2012
FY 2013
FY 2014
FY 2015
New-Investment by Angel Group Follow-on Investment/Tranche by Angel Group
New v/s Follow-on Investments (all years)
*
* Represents cases where Angel groups have re-invested in their existing portfolio companies
12
Investment Distribution by City (all years)
32% 24% 17% 13% 6% 8%FY12-FY15
Mumbai Bengaluru Chennai Delhi/NCR Pune Others
37%
32%
37%
24%26%
20% 21%
29%
22%
4%
21%18%
4%
24%
8%
16%
4%
8%5% 5%
FY 2012 FY 2013 FY 2014 FY 2015
Mumbai Bengaluru Chennai Delhi/NCR Pune
13
Share of Indian Angels Group Deals: FY 2015
9% 6% 4% 3% 4% 3%
3% 12% 3%
6% 15% 3% 3% 4% 3%
6% 4% 6% 3%
Mumbai
Chennai
Bengaluru
Delhi/NCR
IT/ITES
Online Services
E-Commerce
Education
Telecom
Analytics
Consumer /
Services
Others
N = 32N = 32
Each bubble represents a percentage of the total number of deals in the year
14
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY 2012 FY 2013 FY 2014 FY 2015
30%
13%
2%
21%
18%
26%
19%
18%
7%
13%
15%
4%
11%10%
11%
9%
11%10%
6%
6%
4%6%
9%6%
3%
2%
4% 3%
9%2%
4%10%
21%
17%
11%6% 6%
17%Others
Consumer / Services
Healthcare/Lifescience
Food-QSR
Analytics
Telecom/Mobile/VAS
Education
E-Commerce
Online Services
IT/ITES
Investment Distribution by Sectors (all years)
15
Company revenue at the time of investment (all years)
74%
26%
FY 2014
Revenue
Pre-Revenue 76%
24%
FY 2015
40%60%
FY 2012
Revenue
Pre-Revenue
32%
68%
FY 2013
AboutInnoVen Capital: India Angel Report
17
Angel groups contributing to the study
18
About
InnoVen Capital India, formerly SVB India Finance
Private Limited, is the premier provider of “venture debt”
to high growth Indian start-ups backed by top-tier venture
capital investors. The Company provides multiple sources
of debt capital including venture debt, acquisition
financing, growth capital and capex financing. InnoVen
Capital was acquired by Temasek Holdings, a Singapore-
based investment company in April 2015. For more
information on InnoVen Capital India, please visit
www.innovencapital.com
For more information on the report, please contact:
Ankit Agarwal: [email protected]
Suhani Chhaparwal: [email protected]
The Association of Indian Angel Groups (“AIAG”)
brings together angel groups, early stage funds, and
angel funds investing in India. As a representative body
of the angel ecosystem, AIAG’s focus is to make seed and
early stage investing easier and popularize this asset
class, continuously build knowledge and understanding
of the market, influence and educate policy makers, build
standards & best practices, benchmark investor groups,
and create regular networking opportunities.
For more information on AIAG, please contact:
Padmaja Ruparel: [email protected]
This presentation material is the property of InnoVen Capital India Private Limited. The material herein is provided for informational purposes only. The information should
not be viewed as investment, legal or other advice nor is it to be relied on in making an investment or other decision.
